Enact Completes Fifth Transferable Mortgage-backed Related Bonds



RELIE, North Carolina, September 2, 2021 / PRNewswire / – Enact Holdings, Inc. (Accept) a leading provider of private mortgage insurance through its insurance subsidiaries announced today that its lead entity, Genworth Mortgage Insurance Corporation, has provided $ 372 million fully secured XOL reinsurance coverage by issuing an insurance-related note transaction with Triangle Re 2021-3 Ltd. (“Triangle Re 2021-3”). Triangle Re 2021-3 provides coverage for a portfolio of valid mortgage insurance policies composed of January 1, 2021 across June 30, 2021

Triangle Re 2021-3 funded its reinsurance obligations by issuing four classes of mortgage-backed bonds (ILNs) that have a legal final maturity of 12.5 years with a 7-year call option to qualified institutional investors as part of an unregistered private offering. ILN is not a right to contact Genworth Financial, Inc. or its subsidiaries and affiliates.

As of June 30, 2021Enact has published a PMIER sufficiency ratio of 165%, which corresponds to $ 1.9 billion above the published PMIER requirements. If the Triangle Re 2021-3 transaction went into effect in the second quarter of 2021, the PMIER Enact ratio would have increased on a formal basis, excluding any post-quarter changes, to 189% and $ 2.3 billion above the published PMIER requirements.

This transaction marks the sixteenth reinsurance transaction and the fifth ILN issue for Enact, as well as the sixth credit risk transfer transaction since the start of the COVID-19 pandemic. This most recent example signifies the continuation of the company’s credit risk transfer program, which resulted in $ 3.8 billion excess of reinsurance coverage of losses since the launch of the program in 2015.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in United States lack of registration or applicable exemption from registration requirements. This press release does not constitute an offer to sell or solicit an offer to buy any of the aforementioned securities and does not constitute an offer, solicitation or sale in any state or jurisdiction in which or to any person to whom such an offer, solicitation or sale would be illegal …

About Enact Holdings, Inc.
AcceptOperating primarily through its subsidiary Genworth Mortgage Insurance Corporation since 1981, it is a leading US private mortgage insurance provider committed to helping more people fulfill their dream of home ownership. Based on a deep understanding of lenders’ business and a legacy of financial strength, we partner with lenders to provide best-in-class service, underwriting best practices, and extensive risk and capital management in the mortgage process, helping to attract more people to homes and keep them there. By empowering clients and their borrowers, Enact seeks to positively impact the lives of those who live in the communities in which it operates in a sustainable manner. Enact is headquartered in Raleigh, North Carolina

SOURCE Enact Holdings, Inc.

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